First-Time Buyer Tips

Buying your first home is exciting—but it can also feel overwhelming. From understanding mortgage options to saving for a deposit, there’s a lot to consider. Here are some practical tips to help first-time buyers in the South West make confident decisions.

1. Understand Your Budget

Before you start house-hunting, work out what you can realistically afford. Consider:

• Your income and monthly expenses
• How much you can comfortably pay each month
• Additional costs like stamp duty, solicitor fees, and moving costs

Using a mortgage calculator can give you a clear picture of your affordability.

2. Save for a Deposit

Most lenders require a deposit of at least 5–10% of the property value. The bigger your deposit, the better your mortgage options and interest rates.
Tip: Set up a dedicated savings account and automate monthly contributions.

3. Check Your Credit Score

Your credit history plays a big role in mortgage approval. Make sure:

• You’re registered on the electoral roll
• Bills are paid on time
• Any errors on your credit report are corrected

A strong credit score can help you secure better rates.

4. Explore Government Schemes

First-time buyers in the UK can benefit from schemes like:

• Help to Buy: Equity loans for new-build homes
• Shared Ownership: Buy a share of a property and pay rent on the rest
• Lifetime ISA: Save for your deposit with a government bonus

These can make home ownership more accessible.

5. Get Expert Advice

A mortgage broker can compare deals across the market and find the best option for your circumstances. At South West Mortgage Brokers, we guide first-time buyers through every step—from application to completion.

Ready to Take the First Step?

Contact us today for personalised advice and start your journey to owning your first home.

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